William Morrison Sets a New
$5.24 Billion Bid for Safeway

By

Deborah Ball Staff Reporter of THE WALL STREET JOURNAL

Updated Dec. 15, 2003 8:36 a.m. ET

LONDON -- British supermarket group William Morrison Supermarkets PLC made a new &pound;3 billion ($5.24 billion) offer for Safeway PLC in what it hopes will close out a yearlong battle for Britain's No. 4 grocer. Meanwhile, people familiar with the situation say Safeway isn't pursuing a last-ditch offer from Wal-Mart Stores Inc.

Morrison offered one new Morrison's share, which closed at 223 pence on Friday, plus 60 pence in cash, to buy 100% of Safeway. The cash is likely to make it more appealing than the...